Markets Open Higher But Flatten as Profit Booking Caps Gains.
Benchmark indices opened in the green on Tuesday, extending their recent rally on the back of supportive global cues and domestic momentum, particularly in IT and media stocks. However, early enthusiasm faded as profit booking set in.
At 9:25 AM, the BSE Sensex was up 68.34 points at 82,513.55, while the NSE Nifty50 rose 19.40 points to 25,128.05.
According to Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the market may consolidate in the near term due to the absence of strong triggers. “Some profit booking pulling the market slightly down is likely. But ample liquidity will ensure dips are bought, keeping Nifty within the 24,500–25,500 range,” he said.
Top Gainers and Laggards
IndusInd Bank led early gainers with a 1.70% rise, followed by UltraTech Cement (+1.48%), Tech Mahindra (+1.24%), HCL Technologies (+0.96%), and Tata Motors (+0.93%).
On the downside, ICICI Bank fell 0.98%, Bajaj Finserv dropped 0.89%, while Asian Paints, Eicher Motors, and Titan also saw modest losses.
Broader Market and Sectoral Moves
The Nifty Midcap100 and Smallcap100 gained 0.16% and 0.27% respectively, while the India VIX, a measure of market volatility, dipped 1.53%.
Sectorally, Nifty Media surged 1.71%, followed by IT (+1.24%), Metal (+0.75%), and FMCG (+0.18%). Meanwhile, Financial Services (-0.44%), PSU Bank (-0.24%), and Private Bank (-0.14%) indices dragged.
Global Outlook and Caution Ahead
Investors remain cautious as they await progress in U.S.-China trade negotiations. “Despite optimism, any breakthrough is unlikely to come swiftly. After the recent rally, some profit-taking is prudent as valuations appear stretched,” added Vijayakumar.
Comments are closed.